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Additional Budget Comments
Fiscal Year Discrepancies:
Inside Out’s fiscal year runs 8/1 – 7/31 which does not line up with the joint funding fiscal year
period of 7/1 – 6/31. As a result, some of the funding amounts in our budget do not line up exactly
with the Joint Funding ’s fiscal year funding awards. Below are examples of disbursements that are
different:
• City of Coralville: IO was awarded $4,000 for FY24 and FY25, however we received
disbursements for both fiscal year awards in our FY24 timeframe
• Johnson County: IO was awarded $31,787 for FY23 and FY24, and 33,694 for FY25.
Because our fiscal year operates differently, with the timing of the disbursements the
amounts in the budget are slightly different.
• East Central Region: IO was awarded $30,000 for FY23 however we received the funding in
our FY24 as a reimbursement for expenses. IO was awarded $25,000 for FY24, however
received the funding in our FY25 as a reimbursement for expenses. IO was awarded $5,000
for FY25; the reimbursement time period is being changed for this award and will be
reimbursed every 60 days, so we anticipate receiving the funds during our fiscal year.
Additional Notes:
Reserve or Carryover Funds:
FY23 began with an increased amount of carryover funds as we ran a capital campaign to raise
funds for our Reentry House in FY22. Funds from that capital campaign were used in FY23 to
purchase the house.
Expenses Other:
• FY23 – IO purchased our reentry house spending $95,403.22 directly from our expenses
House Donation and Restricted Funds:
IO received a donation of a house in FY24 from a private donor. Unfortunately, the house required
too much rehabilitation for us to utilize it as a second reentry house, so we sold the house at the
end of our fiscal year earning $110,005.74 from the sale. This is recorded under the Fundraising/
Contributions/ Donations section and the In-Kind section, as we received and sold the donation
within our fiscal year. IO will be using a large portion of the funds from the house sale in our current
FY25 expenses and investing the rest ($42,000) to help in building reserves and funding future years
of IO expenses. As we will be investing these funds they are in the restricted funds category at this
time.
Operating Reserve and Quasi-Endowment:
IO does not have an operating reserve; however, IO does have a quasi-endowment that was
established by the Spirit of Christ Church and is managed by the Community Foundation of
Johnson County. IO has not yet established an operating reserve as we have access to our quasi-
endowment funds, which currently operates as our operating reserve. IO has an established
monthly withdrawal from our quasi-endowment to support our operational expenses (equaling
$24,000 a year). Additionally, with board oversight and approval, IO can withdraw extra funds to
support operational expenses as necessary. In FY23 and FY24, IO made additional withdrawals
from our quasi-endowment to support the rehabilitation and opening of our reentry house.